Tigran Gambaryan, the head of Binance’s Financial Crime Compliance Department, who has been detained by the Nigerian government since late February, appeared in court on Monday to face charges related to tax evasion and money laundering. Gambaryan pleaded not guilty, but the judge ruled that he should be remanded in custody at the Kuje Detention Center in the capital city of Abuja. Binance expressed rare indignation and called for the release of the executive.
(Narrative summary:
Binance executive boldly escaped detention in Nigeria, how did he regain his freedom? Binance spokesperson speaks out.)
(Background information:
Nigeria accuses Binance of manipulating exchange rates and money laundering! Binance: Always law-abiding, has cooperated multiple times and even helped train investigators.)
Nigeria’s major move in February
to ban
Binance, Coinbase, and other exchanges was followed by allegations that Binance was involved in “rate manipulation,” causing the country’s fiat currency, the naira, to devalue by 70%. Binance was also accused of money laundering and tax evasion. In late February, two Binance executives went to Nigeria to negotiate with authorities but were detained by the Nigerian government.
Last month, Nadeem Anjarwalla, a 38-year-old Binance Africa Regional Manager with dual British and Kenyan citizenship, managed to
escape
from the government guesthouse where the two were detained and boarded a plane to leave the country. However, Tigran Gambaryan, an American citizen and head of Binance’s Financial Crime Compliance Department, continued to be detained.
Binance executive maintains innocence, remanded in custody for trial
According to Bloomberg’s latest
report
, Tigran Gambaryan, who had been detained for over 40 days, appeared in court on April 8 to face charges of tax evasion and money laundering. He pleaded not guilty, arguing that he didn’t have decision-making authority in the company’s operations and therefore should not be held responsible for Binance’s activities in Nigeria.
In response, Judge Emeka Nwite ruled that Gambaryan should be remanded in custody at the Kuje Detention Center in the capital city of Abuja. The judge stated that Gambaryan had earlier admitted to visiting Nigeria as a representative of Binance, which “clearly indicates his involvement with the company within Nigeria and justifies his detention on behalf of his employer.”
In late March, the Federal Inland Revenue Service (FIRS) in Nigeria brought tax-related charges against Binance and the two detained Binance executives, followed by the Economic and Financial Crimes Commission (EFCC) adding charges of money laundering involving over $34 million.
The defendant, Gambaryan, also filed a lawsuit last month against the Nigerian government, seeking a court order to immediately release him, return his confiscated passport, and apologize for his detention. Nadeem Anjarwalla, who has already left the country, has also filed a similar lawsuit.
Further reading:
Binance can’t bear it! Detained executive sues Nigerian government: violation of human rights, immediate release
Binance calls for the release of executives
In response to the remand order for Gambaryan, a Binance spokesperson appealed in a statement for the court to release the company executive:
Gambaryan’s wife, Yuki Gambaryan, also pleaded in a
statement
for the Nigerian authorities to release her husband and sought assistance from the U.S. government.
Judge Nwite has set a bail hearing for Gambaryan on April 18 and a trial on May 5.
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